Trillian Investigation Reaches A Stalemate As Sexwale Steps Down

Trillian's chairman, Tokyo Sexwale, will step down in June after a report has been completed.

FIFA presidential candidate Tokyo Sexwale talks to journalists before his visit to the CONCACAF meeting in Zurich, Switzerland February 25, 2016. REUTERS/Arnd Wiegmann

Trillian chairperson Tokyo Sexwale announced he would step down from his duties at the controversial company once an investigation into its affairs was completed in June, Business Day reported on Friday.

The probe was commissioned by Sexwale.

This follows the alleged refusal by Trillian's CEO, Eric Wood, to hand over further documents to the head of the investigation, advocate Geoff Budlender.

According to Business Day, the investigation began after allegations surfaced that Wood knew about the axing of former finance minister Nhlanhla Nene before it happened, in December 2015, There were also allegations that Wood, his associates and the Guptas were involved in attempts to capture the Treasury, as well as fraud and corruption allegations, and accusations that Trillian had billed Eskom and Transnet for fictitious work.

According to Business Day Sexwale said on Thursday that Budlender would produce his final report in June, but that they had both agreed that the investigation as limited. Sexwale would then step down as chairman.

While Budlender had received thousands of documents, things had now reached a point where Wood and his colleagues at Trillian wanted the opportunity to appear before Budlender and to cross-examine witnesses, Business Day reported. They had since refused to hand over other documentation.

Budlender told Business Day that they had not provided documents that he had requested since January.

Sexwale told Business Day that he neither condemned nor condoned Woods' conduct, adding that he and Budlender both had a valid point on how things should proceed.

He reportedly said he would not await the outcome of a judicial commission of inquiry into state capture, as recommended by former public protector Thuli Madonsela.